Fines Have Failed To Stop Global Corruption – Report
Between 2012 and 2018, about $11 billion have been paid as fines by companies over their involvement in corruption.
Yet, global corruption doesn’t see any sign of decline.
This is according to a new report by Ernst & Young, EY, a professional services firm.
According to the firm’s report, the scale of bribery and corruption has shown no improvement globally since 2012.
This is despite the unprecedented level of enforcement activity and introduction of new corporate criminal liability laws in that time.
The 15th EY Global Fraud Survey, which surveyed 2,550 executives across 55 countries including Nigeria found that there is no declining trend in bribery and corruption globally, despite regulators and law enforcement agencies around the world imposing more than $11 billion of financial penalties since 2012.
According to the report, 38% of global executives still believe bribery and corrupt practices remain prevalent in business.
The EY Global Fraud Investigation and Dispute Services Leader, Andrew Gordon, was quoted as saying, “The lack of improvement in global levels of corruption over the last six years shows that unethical behaviour in business remains a daunting challenge, despite intensified global enforcement.”
The EY Nigeria Forensic/Fraud Investigation and Dispute Services Leader, Osita Okeke, was also quoted as saying that the high level of fraud and corruption occurring in businesses underscored the need for businesses to be more committed about their anti-fraud and anti-corruption initiatives.
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